Chaim Yosef Abramson pays $3.6M for 25-unit walkup in Crown Heights

Chaim Yosef Abramson through the entity 1395 Dean Street LLC paid $3.6 million to Neil Tepper through the entity Prince Dean, LLC for the 25-unit walkup building (C5) at 1395 Dean Street in Crown Heights, Brooklyn.
The deal closed on March 22, 2023 and was recorded on March 28, 2023. The property has 7,500 square feet of built space and 3,615 square feet of additional air rights for a total buildable of 11,122 square feet according to PincusCo analysis of city data. The sale price per built square foot is $480 and the price per buildable square foot is $323 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Neil Tepper was Neil Tepper. The signatory for Chaim Yosef Abramson was Chaim Yosef Abramson.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Chaim Yosef Abramson purchased two properties in two transactions for a total of $6.4 million and has no record it sold any properties over the past 24 months.
The seller Neil Tepper had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Lico Alberto, head officer and Jorge Ruiz, agent. The business entities are Dean Street Family Residence Llc and Prince Dean Llc. The 7,500-square-foot property generated revenue of $317,475 or $42 per square foot, according to the most recent income and expense figures.

The property

The 1395 Dean Street parcel has frontage of 40 feet and is 114 feet deep with a total lot size of 4,577 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Crown Heights North Historic District. The property has a J-51 exemption that started in 2001 and expires in 2035. The city-designated market value for the property in 2022 is $1.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $50 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 23 of the 29 commercial properties representing 173,600 square feet of the 201,888 square feet. The largest owner is Winnie Bernier, followed by Wilfred Benoit and then Boruch Okounev.
There are no active new building construction projects on this tax block.

The majority, or 96 percent of the 201,888 square feet of built space are walkup buildings, with mixed-use buildings next occupying 4 percent of the space.

The buyer

The PincusCo database currently indicates that Chaim Yosef Abramson owned at least two commercial properties in New York City with 4,900 square feet and a city-determined market value of $4.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 61 percent of the 4,900 square feet of built space are C0 properties, with C3 properties next occupying 39 percent of the space. They are all located in Brooklyn.

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